The gods of Cork city centre retail will be smiling this week as the outlet vacated by HMV in April is occupied by fellow music and DVD retailer Golden Discs.
The Irish company will be providing the city's soundtrack from the former Pavilion Cinema on Patrick Street, having created 18 new jobs in the process. It's an ambitious move for Golden Discs – this will be the biggest of its 15 Irish shops – and one that group managing director Stephen Fitzgerald will be banking on turning into a winner.
Golden Discs fell into examinership in 2009 and has lived through a fairly rough period since then. In the year to the end of June 2012, losses rose by 77 per cent to €129,000, while turnover dropped by 7.5 per cent to €9.9 million.
Fitzgerald has signalled that brighter pastures lie ahead, however. He says that while consumer demand may still be weak, the company now operates on a "more sound basis", thanks in part to an ability to renegotiate punitive rental agreements.
Third new branch
The new Cork shop (Golden Discs first opened in the city in 1979) will be the third new branch for the Irish chain this year following new stores in Dublin – one in the Pavilions shopping centre in Swords and the other in Blanchardstown.
And more might be on the way, with Fitzgerald saying the group is considering “a number of options”.
In addition, Golden Discs intends to upgrade its online download store and offer CD and DVD sales through its website before the year-end.
